world economic news

World Economic News – Friday 02/09/2022

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GERMANY

Germany’s exports stood at €131.3 billion in July, which is 2.1% lower than in June, yet less than expected, but 14.3% higher than in the same month in 2021. Imports reached €125.9 billion, a decrease of 1.5% compared to June and an increase of 29.3% in contrast with July 2021, the Federal Statistical Office (Destatis) stated in its report published on Friday.

S. KOREA

Consumer prices in South Korea rose 5.7% year-on-year in August, slowing from a 24-year high of 6.3% registered in July and coming in below the consensus forecast of 6.1%, as energy and food prices started declining from elevated levels.

US

A report released by the Institute for Supply Management on Thursday showed its reading on U.S. manufacturing activity remained at a two-year low in August. The ISM said its manufacturing PMI came in at 52.8 in August, unchanged from July.

TURKEY

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers’ Index climbed to 47.4 in August from 46.9 in July, survey results from S&P Global showed on Thursday. A reading below 50.0 indicates contraction in the sector.

NEW ZEALAND

New Zealand’s terms of trade fell a seasonally adjusted 2.4% on quarter in the second quarter of 2022, Statistics New Zealand said on Friday. That missed expectations for a decline of 1.3% following the 0.5% increase in the three months prior.